Google, Inc. (GOOG), is one of the most successful Internet firms, and it experienced very rapid growth in revenues from 2011 through 2014. The cash flow statements for Google, Inc. spanning the period are found here:

(US$ millions) 12/31/2014 12/31/2013 12/31/2012 12/31/2011 Net income $14,484 $12,899 $10,744 $9,740 Depreciation 3,464 2,786 1,996 1,403 Amortization 1,408 1,162 984 462 Deferred taxes (117) (420) (264) 301 Noncash items 2,660 2,217 2,262 2,040 Changes in working capital 346 (26) 949 604 Cash from operating activities $22,245 $18,618 $16,671 $14,550 Capital expenditures $(10,955) $(7,337) $(3,270) $(3,480) Other investing cash flow items (10,121) (6,355) (9,800) (15,628) Cash from investing activities $(21,076) $(13,692) $(13,070) $(19,108) Interest and financing cash flow items $(1,410) $(322) $(101) $80 Total cash dividends paid 0 0 0 0 Issuance (retirement) of stock 0 0 20 0 Issuance (retirement) of debt (25) (542) 1,380 784 Cash from financing activities $(1,435) $(864) $1,299 $864 Foreign exchange effects $(405) $(3) $2 $20 Net change in cash $(671) $4,059 $4,902 $(3,674)

. Answer the following questions using the information found in these statements:

a. Is Google generating positive cash flow from its operations?

b. How much did Google invest in new capital expenditures over the period?

c. Describe Google's sources of financing in the financial markets over the period?

d. Based solely on the cash flow statements for 2011 through 2014, write a brief narrative that describes the major activities of Google's management team over the period.